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DJM to Auction 89 Zany Brainy Leases in 27 States

KING OF PRUSSIA, PA-With a Dec. 15 deadline to sell its FAO Schwarz and Right Start businesses looming, bankrupt FAO, Inc. puts Zany Brainy leases ranging from 6,093 sf to 15,520 sf out for bid.

By Marita Thomas | Updated on December 11, 2003

KING OF PRUSSIA, PA-As part of the Chapter 11 bankruptcy petition filed by locally based FAO Inc. last week, the retailer retains DJM Asset Management Inc. to dispose of its Zany Brainy division’s 89 leases in 27 states. Melville, NY-based DJM, which specializes in disposing of surplus retail real estate assets, is accepting bids from now to mid-January and will conduct an auction on the leases at the end of January.

The leases range in size from 6,093 sf to 15,520 sf and are in freestanding, strip center and mall locations. Andy Graiser, DJM’s co-CEO, says a majority are “in premium regional markets with strong demographics in some of the highest quality shopping centers in the country.”

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